Token amount of Rs.250 to open a Sukanya Samriddhi Yojana account
With a minimum deposit of Rs.250, you can open an SSY account and the maximum deposit amount can be Rs.1,50,000. Subsequent deposits shall be in multiples of fifty rupees subject to the condition that a minimum of two hundred and fifty rupees shall be made as deposit in a financial year in one account. The deposits can be made in one lumpsum or in multiple instalments in a Financial Year.
Double Tax Benefits
- Under Section 80C of Income Tax Act, deposits up to Rs.1,50,000 are eligible for a deduction.
- The interest earned on the deposit is tax free.
Attractive rate of interest
Account holders can earn 7.6% interest (01.07.2021 –to-30.09.2021) on their deposits.
- Yearly interest credited in the account at the end of Financial Year
- No interest is payable after completion of 21 years from the date of opening.
Deposit to be made for 15 years and not after
You only need to keep making deposits every year until 15 years from the day you opened the account.
Under special circumstances, premature withdrawal is allowed
- After the daughter/daughters turns 18 or has passed 10th standard, whichever is earlier, 50% of the balance in the account can be withdrawn to meet education expenses on providing admission proof and supporting documents.
Under special circumstances, premature closure is allowed:
- On account of death of the Account holder
- After having maintained the account payment for 5 years from opening of account in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian, supported by complete documentation.
- After attaining the legal age of 18, if the girl child enters a wed lock, the account can be prematurely closed. The beneficiary will have to show related documents that girl will be not less than 18 years of age on the date of marriage.
- If the account holder becomes NRI during the currency of the account, the account shall be continued till maturity. However, the account shall be closed or deemed to be closed if the account holder ceases to be a citizen of India.